The Burj Khalifa in Dubai, UAE
The Burj Khalifa in Dubai, UAE Nick Fewings/Unsplash

Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), highlighted that the Independent Power and Water Producer (IPWP) model helped achieve AED 43.6 billion in investments over 10 years.

DEWA follows the vision of the Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum to make Dubai a leader in the green economy, Al Tayer said Sunday, noting that the IPWP model is designed to fit Dubai's needs and legal framework.

The IPWP projects promote partnerships between the government and private sector, helping DEWA to achieve the world's lowest Levelized Cost Of Energy (LCOE) for solar projects and making Dubai a global leader in solar energy prices.

"The regulatory and legislative frameworks in Dubai, which allow the private sector to participate in energy generation projects, encourage international investors and developers to participate in the Mohammed bin Rashid Al Maktoum Solar Park's projects, which DEWA is implementing using the IPP model," he said, according to WAM.

"Our IPWP projects support the Dubai Economic Agenda D33, which aims to double the size of Dubai's economy over 10 years and consolidate its position among the top three global cities," he added.

Furthermore, the CEO shared that these projects are aligned with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to ensure 100% of the energy production capacity from clean energy sources by 2050.

According to the Financial Times Ltd's "fDi Markets" data, Dubai has been the top global hub for foreign direct investment (FDI) for the third year in a row. In 2023, Dubai attracted over AED 39.2 billion in FDI, creating around 45,000 jobs.

DEWA helps attract foreign investments with its innovative energy and water projects using the IPWP model, which it adopted in 2014, replacing the Engineering, Procurement and Construction (EPC) model.

One of DEWA's main IPP projects is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. It aims to produce over 5,000MW by 2030, with a total investment of AED 50 billion.

DEWA inaugurated five phases of the solar park and is now working on the 1,800MW sixth phase, costing about AED 5.5 billion. Many global groups including major companies like Saudi Arabia's ACWA Power and Abu Dhabi Future Energy Company (Masdar) have been involved in these phases.